With the exception of the US, stock markets have been sinking in inertia - valued up to the hilt, with recovery priced in, strong currencies, growth moderate to say the least, and, barring the UK, showing indecently high unemployment. As the Gladiator has noted before, nothing concrete came out of the G7 meeting to alleviate the dollar's weakness; in fact the dollar lost ground against the main reserve currencies.

Scottish & Newcastle, the brewing group, is considering closing two breweries in Newcastle and Edinburgh as part of a cost-cutting drive, with a decision possible before the summer. The move would save about £30 million a year but cost several hundred jobs.

The next general election could be the first in recent years where pensioners' issues have been pivotal. That prospect moved a step closer last week when the National Pensioners Convention published its first draft manifesto.